Mnuchin Admits 15 Percent Corporate Rate Unlikely

U.S. Treasury Secretary Steve Mnuchin

President Donald Trump is "absolutely a Republican", even if he did work with Democrats on a plan to raise the nation's debt ceiling for three months, Treasury Secretary Steven Mnuchin insisted Tuesday.

"I can't speak to the specifics", he said at the CNBC Institutional Investor Delivering Alpha Conference in NY, when asked about the matter.

House Speaker Paul Ryan made similar remarks last week when discussing tax reform and said "the numbers are hard" to achieve a 15 percent rate.

Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important.

"Our goal is to get in the mid-to-low 20s, and we think that that's an achievable goal", he said.

Republicans across the board want to lower the corporate rate, which is now 35 percent, as part of tax reform.

However, if the party's bill was passed, Republicans would still face significant difficulties, including how the party would anticipate adjusting the budget in light of the massive amounts of revenue it had just lost to it as a result of the tax cuts.

"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said. Eliminating those provisions, in general, would affect high-tax blue states like NY and California.

Economists have long called for a lower corporate tax in the United States, which is the highest among OECD countries.

Mnuchin also said he's considering backdating any tax changes to the beginning of the year, which "would be a big boon for the economy".

Related News:

  • Teva lands a new Chief Executive

    Teva lands a new Chief Executive

    The United Kingdom-based Ardevora Asset Limited Liability Partnership has invested 1.07% in Broadridge Financial Solutions, Inc. The value of the investment in TEVA decreased from $60,474,000 to $29,157,000 a change of 51.8% for the reporting period.
    Thatgamecompany Unveils Apple-Exclusive Mobile Game 'Sky'

    Thatgamecompany Unveils Apple-Exclusive Mobile Game 'Sky'

    The game is called Sky and it's coming first for Apple TV, iPhone , and iPad. This, according to Chen, makes Sky incredibly approachable to everyone.
    David Johnson to undergo wrist surgery, be placed on IR

    David Johnson to undergo wrist surgery, be placed on IR

    While Johnson broke his wrist, the Bills caught a break on Sunday when LeSean McCoy's wrist injury didn't turn out to be serious. Initial x-rays were negative, but an MRI on Monday was set to reveal more about if, or more likely how long, he'll be out.
  • British photographer wins legal fight over 'monkey selfie'

    British photographer wins legal fight over 'monkey selfie'

    The photos were taken during a 2011 trip to Tangkoko Reserve in Sulawesi, Indonesia , with an unattended camera owned by Slater. PETA filed an infringement lawsuit, arguing that Naruto took the picture and therefore owned the copyright.
    Verizon call center reps to staff phones for hurricane relief

    Verizon call center reps to staff phones for hurricane relief

    Houston rap artist Bun B and Scooter Braun, a Hollywood talent manager and founder of SB Projects, are the organizers. A Benefit for Hurricane Relief today announced additional beneficiaries in the wake of Hurricane Irma's devastation.
    Met Office weather warning upgraded as storm Aileen heads for Lincoln

    Met Office weather warning upgraded as storm Aileen heads for Lincoln

    The warning for Cheshire is due to come into force at 8pm with winds expected to reach 50-60mph across the county. Gusts up to around 75mph could also be possible in exposed locations such as the coast and hills in these areas.
  • Britain puts Rupert Murdoch's $15 billion Sky deal on hold

    Britain puts Rupert Murdoch's $15 billion Sky deal on hold

    Avaaz and several MPs including Ed Miliband threatened to launch a judicial review if Bradley did not refer the deal to the CMA. But CMA could also investigate the deal on grounds of "genuine commitment to broadcasting standards", the minister said.
    Apple Reveals Apple TV 4K with HDR and Dolby Vision Support

    Apple Reveals Apple TV 4K with HDR and Dolby Vision Support

    Apple went on to announce a new A10X processing chip with 2x CPU performance, as well as a new version of tvOS. The Apple TV 4K offers two new features - High Dynamic Range ( HDR ), and high resolution support of 4K.
    Nintendo Bringing Back NES Classic Edition, Ramping Up SNES Classic Supply

    Nintendo Bringing Back NES Classic Edition, Ramping Up SNES Classic Supply

    Nintendo also confirmed that production of the SNES Classic will not cease at the end of 2017 as originally planned. If you missed one of the scant chances to nab yourself an NES Classic Edition , there's good news.
  • Indian priest abducted by ISIS in Yemen rescued

    Indian priest abducted by ISIS in Yemen rescued

    Father Uzhunnalil, the Indian Christian priest was rescued from the clutches of terror group Islamic State in Yemen on Tuesday. Besides that, he had also alleged "poor response" and ineffective efforts from Indian authorities over his release.
    Porsche Cayenne Turbo Spices up Frankfurt With 550 HP

    Porsche Cayenne Turbo Spices up Frankfurt With 550 HP

    The company employs a team of more than 40 in sales, aftersales, finance, marketing, network development, and public relations. That marks an improvement of 30 hp and 14 lb-ft over the previous model , which packed a twin-turbo 4.8-liter V-8.
    Champions League predictions Gameweek 1 Tuesday: Wins for Man United & Chelsea?

    Champions League predictions Gameweek 1 Tuesday: Wins for Man United & Chelsea?

    Not to mention that Antoine would also be cup tied for the Champions League should Manchester United still be in the competition . Meanwhile, the Manchester United boss will also be without the services of his two first-choice centre-backs on Tuesday.


Most liked

Danny Welbeck's form gives Arsenal a good kind of selection headache
The record signing fired a precise right-footed curler into the net that gave Begovic no chance as the former Lyon man showed great technique and composure.

Irma Downgraded to Tropical Storm
Irma hit Cuba's Ciego de Avila province late Friday as a Category 5 hurricane before it weakened and headed to the United States. The National Weather Service for Tampa Bay said it had received many questions on social media about what the cone represents.

Missing 2-Year-Old Ohio Boy Found Dead, Cause Unknown
A 2-year-old Mercer County boy, who was reported missing and later found in an OH pool, has died. The boy was found in the 600 block of Syme Street in Masury after a 3-4 hour search.

JJ Abrams will direct, co-write 'Star Wars' Episode IX
Director JJ Abrams is all set to replace Colin Trevorrow as the helmer of the ninth chapter of the Star Wars film franchise. In its statement when Trevorrow lost the gig , Lucasfilm said it wanted to "share more information about the film soon".

US News ranks nation's top schools
LSU, whose highest ranking was 124th in 2011, finished behind nine schools in the Southeastern Conference. As per the WION report , based on employability rankings, five out of the ten universities are US-based.

Okami HD is coming to PS4, Xbox One and PC this December
They've also restored the original loading screen mini-game that allows you to earn extra demon fangs to spend on in-game items. Okami is considered to be one of the best games of the PS2 era and has a very passionate fanbase.

WH Homeland Security Adviser Asked to Blame Hurricanes on Climate Change
Hurricane Harvey brought even costlier damage to parts of Texas, giving the US economy a double shot that could be large enough to show up in national numbers.

Irma weakens to tropical storm on northward ascent across Florida
Drinking water supplies in the Keys were cut off, fuel was running low and all three hospitals in the island chain were closed. The Keys are linked by 42 bridges that have to be checked for safety before motorists can be allowed in, officials said.

Gareth Bale on joining Man United & returning to Tottenham
When you look at the team we had at the time, we feel that we should have won something". He said: "I've spoken to Luka about this.

Cory Booker Co-Sponsoring Bernie Sanders' 'Medicare-for-All' Healthcare Bill
Sanders, a Vermont Independent, made the issue a cornerstone of his unsuccessful bid for the Democratic presidential nomination. Sanders says the bill he will release on Wednesday will provide a more detailed blueprint for his health care plans.

Pakistan summons Myanmar's envoy, over Rohingyas' plight
People swimming across a river near Laung Don village in northern Rakhine state as they travel towards the border with Bangladesh. In Myanmar, authorities have blamed ARSA insurgents for the acts of violence, including setting fire to villages in Rakhine.

Oil prices rise as Opec cuts production
A further extension for at least three more months beyond March is now being discussed before Opec meets again in November. Analysts surveyed Monday by S&P Global Platts expect USA crude stocks rose 10.1 million barrels.

Eaton Vance Management Buys 533865 Company Stocks In Patterson-UTI Energy,
The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. Eaton Vance Management owned approximately 0.34% of Patterson-UTI Energy worth $11,198,000 as of its most recent SEC filing.

Bets for upcoming Southampton vs Arsenal fight
Neither Arsene Wenger nor his players could afford themselves to lose another match if they still want to be in the top four. Arsenal is still keeping the dream to be qualified in Champions League after the victory over Manchester on Sunday.

3 Entertaining Ways to Improve Your Business Skills over the Coming Weeks
In both games and business meetings you may feel everything from frustration to elation, but the trick is to keep is all hidden. Play Poker While millions of people around the world may play poker solely for fun, you can also play to up your business game.